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Shrimp is one of Vietnam’s billion-dollar export items and has the largest turnover in the seafood group – an industry in which Vietnam is currently ranked 3rd in the world. In terms of supply, Vietnam has become the world’s second-largest shrimp supplier, with export value accounting for 13-14% of the world’s total shrimp export value.
By the end of 2023, seafood exports brought in about $9.2 billion, of which shrimp accounted for about $3.45 billion.
According to preliminary statistics from the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports to Europe as of July 15 had brought in $241 million, up 14% over the same period last year.
Germany, the Netherlands, and Belgium are the three largest import markets in the bloc, with exports to the Netherlands and Belgium growing by two digits, respectively, 19% and 21%, while exports to Germany increased by 9% over the same period last year.
The export situation of this ‘product’ to Europe began to record double-digit growth from April and maintained stable growth in May and June. The Barcelona International Seafood Show, held in Spain in April with the participation of many shrimp businesses, has somewhat helped shrimp exports to the EU become more prosperous.
In the structure of shrimp products exported to the EU in the first two quarters of 2024, white-legged shrimp accounted for the largest proportion of 80.5%, followed by black tiger shrimp at 12.4%, and the rest were other types of shrimp. In the group of white-legged shrimp and black tiger shrimp products exported to this market, processed black tiger shrimp (HS 16) decreased, while the rest of the white-legged shrimp and black tiger shrimp products increased.
In the EU market, Vietnamese shrimp faces strong competition from Ecuadorian shrimp. Ecuador has the advantage of cheap shrimp, meeting the trend of EU consumers demanding ASC-certified shrimp, and having lower transportation costs. Ecuador is still the largest source of shrimp supply for the EU market.
The EU market requires farmed shrimp to meet safety standards, demanding that suppliers have emission reduction solutions (farming, processing), requiring traceability to the origin (shrimp feed composition, broodstock…), and demanding animal welfare (broodstock are not eye-cut during artificial breeding, moderate farming density…).
It is expected that the EU’s shrimp import demand from July to the end of the year will continue to increase. The EU economy is also gradually stabilizing, consumer prices are stable, and inflation continues to decrease. Vietnam’s traditional shrimp products to the EU will face competitive pressure from rival suppliers, while GTGT products will perform better than in previous years as inventories have decreased significantly.
According to the Directorate of Fisheries (MARD), Vietnam’s total shrimp output in the first five months of 2024 is estimated at 408.5 thousand tons, up 4.3% over the same period. The total seafood output in May 2024 is estimated at 110.9 thousand tons, up 5.8%. Of which, farmed shrimp reached 97.1 thousand tons, up 6.2%.
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